ValOre Provides Exploration Update for Pedra Branca PGE Project and Initiates Metallurgical Testwork
June 17, 2020
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTCQX: KVLQF; FRANKFURT: KEQ0) today announced results from 54 grab samples, provided an update on the Mendes North geochemical sampling program, and commenced the initiation of a metallurgical testwork program for ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project (“PGE”), located near the community of Capitão Mór in northeastern Brazil.
Key Updates on ValOre’s 2020 Pedra Branca PGE Exploration Program:
- “2PGE+Au” (being palladium (Pd), platinum (Pt) and gold (Au)) assay results have been received for 54 property-wide rock samples, with the highest grade sample exceeding 26 g 2PGE+Au/t, 4 samples >10 g 2PGE+Au/t, 6 samples ranging from 5-10 g 2PGE+Au/t, and an additional 27 samples returning anomalous 2PGE+Au grades;
- 598 soil samples from the Mendes North geochemical program have been received by the lab with analytical results expected within 2 weeks;
- SGS Lakefield, Ontario will be conducting metallurgical testing on select mineralized samples from 43-101 deposit areas at Pedra Branca, testing the amenability of Falcon UF gravity separation and PLATSOL™ leaching.
“Our team continues to demonstrate the widespread and high-grade mineralization at ValOre’s 100% owned Pedra Branca PGE project,” stated Jim Paterson, Chairman & CEO. “In combination with the planned drill program, the initiation of metallurgical test work will greatly increase our understanding and help us accelerate the advancement of this exciting project.”
Property-Wide Grab Sample Results
Assay results for 54 rock samples collected from property-wide exploration targets and resource areas have been received. A total of 37 samples returned anomalous 2PGE+Au grades, with a peak grade of 26.66 g 2PGE+Au/t from a grab sample in the Trapia West deposit area.
Multiple high-grade rock samples were collected from widely spaced exploration targets spanning the project, including Trapia 1 North, Massapê, and Esbarro West. In addition, several target areas slated for 2020 core drilling returned strong 2PGE+Au results, including Esbarro East, Cana Brava and Santo Amaro. See Table 1 below for a summary of 2PGE+Au results, CLICK HERE for the full list of assays, and CLICK HERE to view all figures related to this news release.
Table 1: Summary of Grab Sample 2PGE+Au Assays
|2PGE+Au Range||Number of Samples|
|5.0 - 10 g/t||6|
|*1.22 - 5.0 g/t||12|
Selective rock grab samples were collected from field sites with coordinate data captured by handheld GPS and subsequently stored in a secure ValOre facility in Capitão Mór, Ceará, Brazil. The samples were sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda. (“SGS Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis. All samples were analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay and ICP techniques. Chromium values that exceeded 5% were redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr2O3. Certified PGM ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s Quality Control/Quality Assurance program (QA/QC). No QA/QC issues were noted with the results reported herein.
Mendes North Geochemical Program Update
All 598 soil samples from the three >1km Mendes North WorldView-magnetic anomaly targets have been received by SGS Geosol and assaying has commenced. Analytical results are expected within 2 weeks.
Soil samples were collected from field sites spaced 20 metres apart on lines spaced 100 metres apart, with coordinate data captured by handheld GPS. These samples were subsequently stored in a secure ValOre facility in Capitão Mor, Ceará, Brazil and thereafter sent with an ensured chain of custody to SGS Geosol. All samples are being analyzed for 2PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s Quality Control/Quality Assurance program (“QA/QC”).
Upcoming Metallurgical Test Work Program Initiated
ValOre has engaged SGS Canada Inc. of Lakefield, Ontario to conduct preliminary metallurgical tests on mineralized samples from designated 43-101 deposit areas. Falcon UF gravity separation test work will be performed to characterize the metallurgical balance relating PGE mass recoveries. In addition, PLATSOL™ leaching will be tested to follow up and corroborate previous findings of this metallurgical processing technique. Further information about PLATSOL™ and Falcon UF can be found in the links below:
Sampling of historical mineralized drill core from the Esbarro and Curiu deposits, and outcrop sampling of the Curiu and Trapia West deposits is now complete, and samples have been shipped for preliminary analytical work to the SGS facility Vespasiano, Minas Gerais prior to shipment to SGS Canada.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource of ValOre's Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.
ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
On behalf of the Board of Directors,
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected]
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This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.